Month: October 2019

IRS Says It Found Millions in Tax Credit Fraud on Electric Vehicles

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According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is limited to plug in electric vehicles, and is subject to a phase out. Forbes found … Read more

SALT Deduction Limitation Upheld

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The 2017 federal tax law, which President Trump signed after a party-line vote in Congress, limited to $10,000 the state and local tax payments that families can write off on their federal income taxes if they itemize deductions. The provision, known as the SALT cap, disproportionately affected residents of wealthy, high-tax states, where residents are more … Read more